Tag: qilai shen

Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday. Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing. In mid-October, Tesla officially acquired an 864,885-square meter

Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday.

Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing.

Tesla did not immediately respond to an emailed request for comment.

In mid-October, Tesla officially acquired an 864,885-square meter plot in Shanghai’s Lingang area for the electric car maker’s first factory outside the U.S.

Elon Musk’s company has also launched an official WeChat account for hiring locals.

Producing in China, the world’s largest market for electric vehicles, would allow Tesla to reduce costs significantly. The company has said it is operating at a 55 percent to 60 percent cost disadvantage with a domestic peer due to ocean transport costs and tariffs.

Cooperation is the best choice for China and the United States, Chinese President Xi Jinping told U.S. President Donald Trump during a Saturday dinner meeting in Argentina, state news agency Xinhua reported. Xi said he would like to exchange views on issues of common concern with Trump and jointly chart the course for China-U.S. relations in the next stage, Xinhua added. Trump struck a positive note in brief remarks to reporters before the dinner, despite the U.S. president’s earlier threats to

Cooperation is the best choice for China and the United States, Chinese President Xi Jinping told U.S. President Donald Trump during a Saturday dinner meeting in Argentina, state news agency Xinhua reported.

Xi said he would like to exchange views on issues of common concern with Trump and jointly chart the course for China-U.S. relations in the next stage, Xinhua added.

Trump struck a positive note in brief remarks to reporters before the dinner, despite the U.S. president’s earlier threats to impose new tariffs on Chinese imports.

“Well be discussing trade and I think at some point we are going to end up doing something great for China and great for the United States,” Trump said.

He suggested that the “incredible relationship” he and Xi had established would be “the very primary reason” they could make progress on trade, though he offered no specifics on how they might resolve the main issue dividing the world’s two biggest economies.

Expect a deal between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Argentina, but manage your expectations, a Wells Fargo executive told CNBC on Friday. I don’t think it’s going to be the deal that either side wants, but I think there will be some concessions,” said Kirk Hartman, global chief investment officer at Wells Fargo Asset Management. “I think this is more about protecting U.S. technology as much as it is trade, so I think you will see some co

Expect a deal between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Argentina, but manage your expectations, a Wells Fargo executive told CNBC on Friday.

“I am optimistic that they will strike a deal. I don’t think it’s going to be the deal that either side wants, but I think there will be some concessions,” said Kirk Hartman, global chief investment officer at Wells Fargo Asset Management. “I think this is more about protecting U.S. technology as much as it is trade, so I think you will see some comments on that front.”

Hartman said the U.S. may delay higher tariffs on Chinese imports that were due to take effect in January. Washington and Beijing may also agree to meet for further negotiations.

Trump told reporters Thursday that he was “close” to doing something on trade with China but added he wasn’t sure if he wanted to do it. “Because what we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes, so I really don’t know,” he said.

“My view is that President Trump is a deal maker, he’s realistic. He has a lot of support from the United States … on whether China has benefited too much from globalization, and he’s trying to re-address that balance.” U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet at the G-20 summit this week, with trade high on their agenda. “My view is that President Trump is a deal maker, he’s realistic. The Chinese government under Xi is “very practical” and has shown “

“My view is that President Trump is a deal maker, he’s realistic. He has a lot of support from the United States … on whether China has benefited too much from globalization, and he’s trying to re-address that balance.”

The tariff fight between the two countries is often cited as the biggest risk to global investor confidence and a threat to the world economy. The International Monetary Fund, for instance, cut its global growth forecasts for this year and next as a result of the trade fight.

U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet at the G-20 summit this week, with trade high on their agenda. Kelleher acknowledged he can’t know how the meeting will turn out, but he said he’s hopeful that it will mark the start to “a more practical cooperation between the two basically superpowers.”

“My view is that President Trump is a deal maker, he’s realistic. He has a lot of support from the United States … on whether China has benefited too much from globalization, and he’s trying to re-address that balance,” Kelleher said at the Morgan Stanley 17th Annual Asia Pacific Summit in Singapore.

“I think even the Chinese themselves understand the merit of some of that” sentiment, he added. The Chinese government under Xi is “very practical” and has shown “real evidence” of opening up their markets.

President Donald Trump could push for a compromise on trade with China at this weekend’s G-20 summit in Argentina even after his recent tough talk, The New York Times reported, citing several U.S. officials. This could lead Trump to seek an agreement with China that would delay new tariffs on Chinese goods while the two countries work to resolve their issues. This would be a departure from Trump’s most recent comments on U.S.-China trade relations. The increasingly protectionist stance on U.S-Ch

President Donald Trump could push for a compromise on trade with China at this weekend’s G-20 summit in Argentina even after his recent tough talk, The New York Times reported, citing several U.S. officials.

The report said Trump is increasingly anxious about the impact of a long trade war on financial markets and the economy. This could lead Trump to seek an agreement with China that would delay new tariffs on Chinese goods while the two countries work to resolve their issues.

This would be a departure from Trump’s most recent comments on U.S.-China trade relations. In an interview with The Wall Street Journal, Trump said it is “highly unlikely” that the U.S. would hold off on increasing tariffs on $200 billion of Chinese goods to 25 percent. He also said the U.S. would slap charges on the remaining $267 billion worth of goods from China that are not yet subject to tariffs.

Trump and Chinese President Xi Jinping are scheduled to meet for dinner at the G-20 on Saturday. The two leaders are expected to discuss trade, among other issues.

The increasingly protectionist stance on U.S-China trade has rattled investors all year as they gauge how tougher trade conditions will impact corporate earnings as well as the global economy. Any progress or resolution on the matter would be seen as a positive by investors for the market.

Xi apparently seems ready to get the trade dispute out of the way. Trump kept it much simpler with tweets and soundbites, saying that trade discussions were “moving along nicely,” and that the Chinese were “ready to make a deal.” Breaking that deadlock during next Friday’s U.S.-China summit could involve the following steps. Second, Washington should address the structural and systemic trade complaints against China in World Trade Organization forums, in its own trade regulations and with strict

So, if there is any truth to Trump’s claim of friendship, he should be getting an advance hongbao from his Chinese pal during next Friday’s G-20 meeting in Buenos Aires, Argentina.

Indeed, both leaders know that they have to swiftly move beyond the problems of bilateral trade and investments if they want to — as they must — come to terms with acute issues of war and peace between competitors whose nuclear triads are pointed at each other.

Xi apparently seems ready to get the trade dispute out of the way.

Here’s what he said after his telephone conversation with Trump at the beginning of this month: “The two countries’ trade teams should strengthen contact and conduct consultations on issues of concern to both sides, and promote a plan that both can accept to reach a consensus on the China-U.S. trade issue.”

Trump kept it much simpler with tweets and soundbites, saying that trade discussions were “moving along nicely,” and that the Chinese were “ready to make a deal.”

And then we heard a shocking news. The U.S. Trade Representative issued a report last Tuesday that “China has not fundamentally altered its unfair, unreasonable, and market-distorting practices,” and that “China had made clear it would not change its policies.”

The policy changes requested by the U.S. essentially concern (a) a reduction of the bilateral trade imbalance, (b) illegal acquisition of American intellectual property, and (c) the use of “foreign investment restrictions to require or pressure the transfer of technology from U.S. companies to Chinese entities.”

Breaking that deadlock during next Friday’s U.S.-China summit could involve the following steps.

First, China — with its systematic, excessive and growing trade surpluses — should act according to the rules of international trade adjustment to promptly and meaningfully narrow its trade gap with the U.S. Large volumes of U.S. farm and energy products are now ready to go to China.

Second, Washington should address the structural and systemic trade complaints against China in World Trade Organization forums, in its own trade regulations and with strictly reciprocal measures. That would cover the cases of intellectual property protection, forced technology transfers, illegal export subsidies, etc.

“The greatest boost Trump could provide to the economy would be to lift the tariffs on China to get a better deal with China on trade. On Friday, Chinese Vice Minister of Commerce Wang Shouwen was quoted as saying China hopes to meet the U.S. halfway on trade issues. Analysts see it as a positive that White House trade advisor Peter Navarro, a strident critic of China, will not be at the meeting. The U.S. Trade Representative warned in a report this week that China has not changed its ways with

Stocks sold off in the worst Thanksgiving holiday week for the Dow, Nasdaq and S&P 500 since 2011. The Dow was down 4.4 percent for the week, to 24,286, while the S&P 500 was off 3.8 percent, to 2,632. Nasdaq was down 4.3 percent, at 6,938.

Stakes are high for the talks between Trump and Xi, and traders have been awaiting that meeting as a potential catalyst that could shake the market out of its current slump. The S&P 500 has lost 9.7 percent since the beginning of the quarter and is now down 1.5 percent for the year so far. It is also more than 10 percent off its high, entering correction territory.

“It won’t be a viable move unless there is reason to think this is more than just a feel-good announcement from the White House. It could be very important for markets,” said Quincy Krosby, chief market strategist at Prudential Financial. If the talks show no signs of progress, strategists said it could be a major negative for stocks.

Many economists have factored a trade war into their forecasts for 2019 and expect the tariffs to have some impact on the economy, especially if they are increased, as threatened by Trump. Tariffs on $200 billion in Chinese goods are set to rise to 25 percent from 10 percent in January, and Trump has said he may ultimately tax all Chinese imports.

“The greatest boost Trump could provide to the economy would be to lift the tariffs on China to get a better deal with China on trade. Our sense is a deal is not priced into financial markets, as skepticism remains that either side can reach an agreement politically,” notes Strategas Research’s Dan Clifton, head of policy research.

“We try to not sugarcoat that reaching an agreement between China and the U.S. will be easy … we believe the U.S. and China both have an incentive to do a deal now. We do not expect a formal agreement but a framework that guides the path forward for a future deal,” he added.

U.S. officials have been hopeful for progress, including Trump, who said that China wants to make a deal, but there were tensions between Xi and Vice President Mike Pence at the recent Apec summit. On Friday, Chinese Vice Minister of Commerce Wang Shouwen was quoted as saying China hopes to meet the U.S. halfway on trade issues.

But it’s unclear whether the meeting will result in much progress. Analysts see it as a positive that White House trade advisor Peter Navarro, a strident critic of China, will not be at the meeting.

“This is deeper than just the tariff issue. It’s systemic concerns over technology transfers, intellectual property and cyber security. This is something that has festered for years, not only in the U.S. but in Europe as well, about having to do business in China. The president is looking to level the playing field,” Krosby said.

Citigroup strategists noted that the risk of trade wars is material and there could still be trade and investment restrictions in the technology sector even if there is a preliminary trade understanding. The U.S. Trade Representative warned in a report this week that China has not changed its ways with regard to technology or intellectual property.

Capital Economics said if China and the U.S. can come to some sort of truce the Chinese yuan could still be under pressure from the diverging policy between the Fed and the Peoples’ Bank of China. It said, in a note, that the tariffs, including those added in January, would wipe 0.3 percent off China’s economic output.

“Perhaps the biggest impact of any easing of trade tensions would be felt in China’s equity markets. A slowing domestic economy has been an important factor in the share price declines, but the timing of sell-offs suggests that concern about a trade war has been a key driver too. A ceasefire would help lift sentiment and probably trigger a rally,” according to Capital Economics, adding the rally would likely prove to be temporary.

Tesla is cutting the price of its Model X and Model S cars in China, the U.S. firm said on Thursday, in a shift in strategy that will see it take more of a hit from tariffs linked to a biting trade war between China and the United States. “We are absorbing a significant part of the tariff to help make our cars more affordable for customers in China,” Tesla said in a statement sent to Reuters. The move marks a shift from July when Tesla was one of the first U.S. carmakers to raise prices in the m

Tesla is cutting the price of its Model X and Model S cars in China, the U.S. firm said on Thursday, in a shift in strategy that will see it take more of a hit from tariffs linked to a biting trade war between China and the United States.

The electric carmaker, led by billionaire CEO Elon Musk, said it will cut prices of the two models by 12 percent to 26 percent to make the cars more “affordable” in the world’s top auto market, where sales of so-called new-energy vehicles are rising fast.

The move comes amid severe trade tensions between China and the United States, which has seen extra tariffs slapped on U.S. imports into the country, including automobiles, hurting Tesla which imports all the cars it currently sells in the market.

“We are absorbing a significant part of the tariff to help make our cars more affordable for customers in China,” Tesla said in a statement sent to Reuters.

The move marks a shift from July when Tesla was one of the first U.S. carmakers to raise prices in the market in response to tariffs. The firm hiked prices then on its Model X and S cars by about 20 percent.

Tesla warned last month it was facing major problems with selling cars in China due to new tariffs that would force it to accelerate investment in its first overseas Gigafactory in Shanghai.

The carmaker last month secured the site for the facility, which will help it avoid steep import tariffs.

The firm, which recently launched pre-sales of its new Model 3 car in China, added in its statement that the car’s pricetag would start from 540,000 yuan ($77,928.83) for a dual motor all-wheel drive version, and 595,000 yuan for a performance version.

Before the price hike in July, Tesla had lowered prices on its models in China in May, after Beijing had said it would cut import tariffs for all auto imports.

The U.S. government is trying to persuade wireless and internet providers in allied countries to avoid telecommunications equipment from China’s Huawei Technologies, the Wall Street Journal reported on Thursday. U.S. officials have reached out to their government counterparts and telecom executives in friendly countries where Huawei equipment is already in wide use about what they see as cybersecurity risks, according to the WSJ report , which cited unnamed people familiar with the situation. Wa

The U.S. government is trying to persuade wireless and internet providers in allied countries to avoid telecommunications equipment from China’s Huawei Technologies, the Wall Street Journal reported on Thursday.

U.S. officials have reached out to their government counterparts and telecom executives in friendly countries where Huawei equipment is already in wide use about what they see as cybersecurity risks, according to the WSJ report , which cited unnamed people familiar with the situation.

Huawei has come under scrutiny in the United States recently.

Intelligence agency leaders and others have said they are concerned that Huawei and other Chinese companies may be beholden to the Chinese government or ruling Communist Party, raising the risk of espionage.

Washington has been considering increasing financial aid for telecommunications development in countries that shun Chinese-made equipment, the WSJ reported.

One of the government’s concerns is based on the use of Chinese telecom equipment in countries that host U.S. military bases, such as Germany, Italy and Japan, the report added.

Facebook is on track to post its longest losing streak ever, and some say there’s more pain ahead 4:52 PM ET Fri, 16 Nov 2018 | 04:19Facebook is facing a mountain of problems. Facebook is poised to close its third straight month in the red, which would mark its longest monthly losing streak on record. Furthermore, Facebook is on track for its longest quarterly losing streak since 2013, and its first full year of losses since going public. “Technically, when I look at this, there’s no question th

The social media giant’s stock fell nearly 5 percent on Monday, hitting its lowest level since February 2017, as the social media company came under fire after a damaging report about its top management in The New York Times.

Facebook is poised to close its third straight month in the red, which would mark its longest monthly losing streak on record. Furthermore, Facebook is on track for its longest quarterly losing streak since 2013, and its first full year of losses since going public. According to some experts, the stock isn’t done falling.

“Technically, when I look at this, there’s no question that we’ve violated the long-term uptrend support line off of the [2014] lows. We’ve got some support that’s going to come in right around $130, but better support coming in at $114,” Craig Johnson, chief market technician at Piper Jaffray, said Friday on CNBC’s “Trading Nation,” adding that he would stay on the sidelines here, rather than putting fresh money to work, or “further reduce positions on it at this point.”

The shares are on track for their third straight month of losses, something they’ve never done before, and their second straight calendar quarter of losses, which they haven’t seen since 2013.

Others are negative on the stock in the near term, but say it could be a value play in the long run since its valuation has fallen so severely. Mark Tepper, CEO of Strategic Wealth Partners, told “Trading Nation” that he finds its price-earnings to growth ratio, or PEG ratio — a measure of a stock’s value by taking its price-earnings ratio and factoring in its earnings growth rate — reasonable at this juncture.